Oklahoma Property and Casualty Questions With 100% Correct Answers.

Actuary - A person who uses mathematical methods to analyze loss data and develop insurance rates. Adjuster - Investigates claims, adjusts losses, and negotiates claim settlements for the insurer Alien Insurer - An insurer formed under the laws of Switzerland and authorized to do business in the State of Oklahoma Certificate - An insurer's documentation to do business in Oklahoma Coercion - Using a threat or force to create a monopoly in a transaction of insurance Defamation - stating critical information regarding another insurance agent Domestic Insurer - An insurer incorporated under the laws of the State of Oklahoma Give written notice of a hearing - When the Oklahoma Insurance Department (OID) receives notification of a potential violation of the Insurance Code, this must be done first Producer (agent) (Field Underwriter) - A person required to be licensed to solicit, negotiate, sell, or service/ practice insurance on behalf of the insurer Rebating - Offering a $150 gift card in exchange for entering into an insurance contract Regarding the National Association of Insurance Commissioners (NAIC) - Insurance Commissioners can accept or reject recommendations made by the NAICThe Oklahoma Commissioner - 1. Must have a minimum of 5 years experience 2. Must be at least 25 years old 3. Serves a four year term 5. Is elected and not appointed The Oklahoma Insurance Commissioner is - John Doak The Oklahoma Insurance Department promulgating Rules and Regulations - Issued as often as necessary To be licensed as a producer or adjuster, you must - pass an examination with a 70% or better score To be true concerning continuing education requirements in Oklahoma, . - 1. Stone Insurance Education is an approved provider of Oklahoma CE 2. Adjusters and Producers must complete 24 hrs of CE before biennial license renewal date 3. Adjuster CE providers, instructors and courses must be approved by the Oklahoma Insurance Department (OID) To become a resident producer or adjuster in Oklahoma, it is not required to - Live in Oklahoma for a period of six months or more To receive an appointment as a producer - a producer must be appointed by every insurer which they have a contract Under the Unfair Claim Settlement Practices Act, the following are all NOT lawful - 1. Failing to fully disclose to first party claimants all benefits under the policy. 2. Knowingly misrepresenting to the insured pertinent facts 3. Requesting a refund of a claim payment made to a claimant after twenty-four months Underwriter(Home Office Underwriter) - An employee of the insurer who: 1. Gathers information 2. Analyzes exposures (classifying risk) 3. Selections risk for the insurer